UNIT 7 FLASHCARD - Intro to Economics

Front

What effect does scarcity have on resources for different nations?

Back

Nations must trade with one another

Front

What is more likely to make someone more productive at work? Ignoring their accomplishments, Giving them a raise based on how much they help the company earn, Putting them under pressure, Threatening their employment over mistakes

Back

Giving them a raise based on how much they help the company earn

Front

Which of the following is true about a FREE ENTERPRISE system? Public control, Government ownership, Limits individuals from being entrepreneurs, Lower prices and competition

Back

Lower prices and competition

Front

Which of the following describes scarcity? An abundance of resources, Having everything you want and need, Money and property possessed by company, The lack of enough resources to produce everything people want

Back

The lack of enough resources to produce everything people want

Front

The U.S. government decides to produce military equipment like rockets and weapons, but now cannot afford basic health services for those in need. What economic concept is this?

Back

Opportunity Cost

Front

What is the consequence of unlimited wants, but with limited resources?

Back

Individuals, businesses, and governments must make choices.

Front

A government chooses to help a company take advantage of natural resources, instead of protecting the environment. What economic principle is this?

Back

Opportunity Cost

Front

Which economic system gives the government the most Control? Options: Traditional, Free Market, Command, Mixed

Back

Command

Front

Raw materials would be considered which type of resource?

Back

Natural Resources

Front

What would best complete the list? Mostly private ownership, Some government decisions, and _____________________

Back

The government regulates safety for businesses